7. The following lots of Commodity Z were available for sale during the year.

Beginning inventory	7 units at $47
First purchase	15 units at $51
Second purchase	55 units at $58
Third purchase	19 units at $61

The firm uses the periodic system, and there are 20 units of the commodity on hand at the end of the year. What is the ending inventory balance at the end of the year according to the LIFO method?

a.$992

b.$940

c.$1,217

d.$5,443

9. The inventory data for an item for November are:

Nov. 1		Inventory	25 units at $18
4		Sold	10 units
10		Purchased	29 units at $23
17		Sold	25 units
30		Purchased	22 units at $25

Using a perpetual system, what is the cost of the goods sold for November if the company uses LIFO?

a.$987

b.$1,025

c.$755

d.$680

11. The Boxwood Company sells blankets for $35 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1.

Date	Blankets	Units	Cost
May 3	Purchase	35	$16
10	Sale	14
17	Purchase	33	$18
20	Sale	25
23	Sale	3
30	Purchase	34	$19

Assuming that the company uses the perpetual inventory system, determine the gross profit for the sale of May 23 using the FIFO inventory cost method.

a.$51

b.$336

c.$54

d.$408